The British pound is under heavy downside pressure against the US dollar after the pair broke below the 1.2300 support level. A sustained loss of the 1.2250 level could see GBPUSD sellers testing towards the 1.2200 support level. It is noteworthy that the overall structure of a large inverted head and shoulders pattern still remains valid while price trades above the 1.2160 level.
The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2420 and 1.2470 levels.
The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2250 and 1.2200 levels.
